Appraisers, the real estate professionals who estimate the value of land and buildings, work nationwide and the need for these professionals is constant, according to “Fast Facts for Future Appraisers,” a document released in 2015 by The Appraisal Foundation offering quick tips for those who are interested in the profession. The Appraisal Foundation is authorized by Congress as a source of appraisal standards and qualifications.
The appraisal process is important to real estate transactions, according to The Appraisal Institute’s “Common Myths about the Home Buying Process.” Hired by lenders, appraisers review the purchase agreement—not only looking at the pending sale price but also researching and analyzing it to provide a professional opinion of value. Their job is to provide a credible opinion of value – one that mirrors the current market. They weigh home improvements, renovations and other considerations to determine whether they truly impact a property’s value.
Geography, experience and specialization are among the factors that determine an appraiser’s salary. The job outlook for real estate appraisers and assessors, according to the Bureau of Labor and Statistics is stable, with an expected growth of 8% from 2014 to 2024, which is about average for all job types.
Put a value on businesses, art and more
The profession offers diversity. In addition to valuing homes, appraisers can provide opinions about the values of other entities, such as businesses, sports franchises and personal property, such as fine art. Appraisals are often needed in determining value in the sales process, according to the Appraisal Institute.
Those thinking about entering the profession should anticipate the need to use technology, according to The Appraisal Foundation. Technology has become essential to the appraisal profession. Many appraisers, while office-based, spend time in the field, so mobile applications are integral to the job. Advanced software and computerized measuring tools are part of the profession’s evolution.
Finally, those who enjoy independence and a degree of freedom in their work lives are likely to be drawn to real estate appraisal careers. These professionals have optimal work-life balance because they often run their own businesses and, therefore, can pick their hours, according to the Appraisal Foundation.
A career in appraisal is a good choice for real estate agents who are looking for a change but still want a lucrative job in the real estate industry. For more information on becoming an appraiser, visit Proschools.com. For more information on The Appraisal Foundation and its programs, visit appraisalfoundation.org.
Source: The Appraisal Foundation